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How affected is India's textile industry?

How affected is India's textile industry?

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  • Time of issue:2020-11-13
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(Summary description)India is one of the few countries in the world with a relatively complete textile manufacturing industry chain. It is the second largest producer of cotton and the second largest producer of chemical fiber in the world. The output of cotton and chemical fiber accounts for 23% and 9% respectively in the world, and the spinning capacity accounts for 22% in the world.

How affected is India's textile industry?

(Summary description)India is one of the few countries in the world with a relatively complete textile manufacturing industry chain. It is the second largest producer of cotton and the second largest producer of chemical fiber in the world. The output of cotton and chemical fiber accounts for 23% and 9% respectively in the world, and the spinning capacity accounts for 22% in the world.

  • Categories:Company news
  • Author:
  • Origin:
  • Time of issue:2020-11-13
  • Views:8
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India is one of the few countries in the world with a relatively complete textile manufacturing industry chain. It is the second largest producer of cotton and the second largest producer of chemical fiber in the world. The output of cotton and chemical fiber accounts for 23% and 9% respectively in the world, and the spinning capacity accounts for 22% in the world. India is the world's second and third largest exporter of textiles and clothing, with a total of $35.49 billion exported to the world in 2019, according to UN statistics. The textile industry is an important livelihood industry and foreign exchange earning industry in India. It contributes about 7% of India's industrial output value and 15% of its exports every year, and directly employs more than 45 million people.

After novel Coronavirus pneumonia outbreak, India took blockade measures to prevent and control the epidemic. As a result, production activities were suspended and ports were closed, which had a strong impact on the industrial chain of textile industry. As a result, the opening rate of textile enterprises declined, the number of closures increased, and the unemployment rate kept rising. Since June, the Indian economy has been gradually recovering, but the spread of the epidemic has intensified. Affected by multiple factors such as employment and supply chain, many export enterprises cannot start production normally and guarantee delivery on time, resulting in loss of export orders.

According to the Indian business and industry data, in April 2020, the Indian textile clothing exports tumbled 87.5%, year-on-year exports since narrowed from month to month, textile clothing exports rose 10% during the month of September is this fiscal year (2020-2021 fiscal year India starting from April 1) monthly exports * * * positive growth, accumulative total exports has yet to reverse the negative growth trend. From April to September 2020, India exported a total of US $10.97 billion of textiles and clothing, a year-on-year decrease of 31.7%. From the perspective of product category, garment exports, which accounted for 43.6% of the total export volume of India's textile industry, declined ***. From April to September, India exported a total of us $4.78 billion of garments to the world, down 39.3% year-on-year. The export of chemical fiber textiles (13.2% of India's total textile and garment exports) also declined significantly, with the export volume from April to September decreasing by 38.7% year on year. Exports of cotton textiles (36.6% of exports) and carpet (5.4% of exports) fell by less, by 19.5% and 14.4%, respectively. Affected by work suspension, production reduction and export decline, the production rate of India's textile industry also dropped sharply. According to the data of India's Department of Statistics and Implementation Of Plans, in April 2020, the production of India's textile and clothing once reached 90.8% and 94.1%. Due to the severity of the epidemic has not been alleviated, the production has not yet resumed growth and is likely to slow down again.

Affected by the epidemic, the outlook for India's textile industry is still not optimistic. At the beginning of the outbreak, the number of cases in India was slow, but the situation began to relapse in the second half of the year. In mid-September, the number of confirmed cases in India increased by more than 70,000. Statistics show that the United States and the European Union are the most important export markets for India's textile industry. In 2019, India's textile and garment exports to the United States and the European Union accounted for 23.8% and 19.3% of India's total textile and garment exports respectively.

Since May, the ECONOMIES of the US and Europe have gradually restarted, and consumption of textile and clothing products has started to recover. Since the second half of the year, retail sales have recovered to about 85% of that of the same period in 2019. As the inventory of brands has been compressed to a low level in the early stage, the arrival of consumption seasons such as Christmas and Black Friday has prompted brands to place orders one after another, while the aggravation of the epidemic has caused India to fail to fully grasp the order tide of this round, and the development pressure of the textile industry is still prominent. Rating agency ICRA said in mid-October that India's garment exporters were likely to report a 20-25 per cent drop in sales in the 2020-2021 fiscal year, while manufacturers focused on the domestic market were expected to report a 30-40 per cent drop in revenues.

Due to remarkable results in epidemic prevention and control in China, China's textile industry chain and supply chain gradually resumed normal operation from mid-to-late April. After the us and European markets resumed, the orders of Chinese export enterprises picked up, and the total export volume of textile industry turned negative to positive in the second half of the year, showing a trend of gradually accelerating growth. According to the investigation of the professional association affiliated to China Textile Association, some textile enterprises in China have indeed received orders transferred from brands from India, Bangladesh, Sri Lanka and other countries due to the inability of factories in South Asia to ensure delivery on time, among which the orders for home textile such as towels and bedding products are relatively large.

China has made great achievements in epidemic prevention and control, which has provided fundamental support for the development of the textile industry. Compared with South Asian and Southeast Asian countries, China's textile industry has advantages in terms of complete industrial system and stable supply capacity, etc., which are particularly prominent under the epidemic situation. However, from the perspective of long-term trend, manufacturing cost, international trade environment and other factors affecting the adjustment of international textile industry layout have not changed fundamentally. Covid-19 will also have an important impact on the layout of the international textile supply chain. The trend of more vertical and decentralized distribution of the industrial chain and supply chain is expected to be inevitable, and the path of China's textile industry to participate in the construction of the international industrial division of labor and resource allocation system under the "double cycle" pattern will inevitably be further adjusted. In general, for orders transferred from South Asia, on the one hand, we need to ensure product quality, provide good customer service and maintain good goodwill; Also want to objective knowledge on the other hand, short-term orders back and does not represent a long-term trend, firmly promote the transformation and upgrading, improve labor productivity, resource allocation efficiency, capacity for independent innovation, steady optimization division status in the international industrial chain, supply chain, is the development direction of textile industry in China.

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How affected is India's textile industry?

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